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The Chinese economy is expected to grow another 6.7 percent in the second quarter of the year – same as in the first three-month period, state news agency Xinhua stated on Monday, citing the State Information Center, one of the country’s leading think tanks.
The institution, affiliated with the National Development and Reform Commission, mentioned infrastructure investments and a recuperating real estate sector as the main drivers of growth for the quarter. The key indicators that suggested a stabilization is in order included power generation and the output of crude steel and cars.
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Among the strongest economic sectors in the second quarter were the services segment, which is anticipated to expand by 7.5 percent, and the retail (consumer goods) segment, which analysts envision will grow by 10.5 percent.
On the other hand, the experts predicted exports will likely fall 8 percent over the second quarter, mainly on the back of a higher yuan and a weak global economy, while imports will tumble by 10 percent due to recuperating commodity prices.
“The report warned that aggregate supply outweighs demand. Excessive industrial capacity and inadequate private investment still pose challenges to the economy,” Xinhua’s article concluded.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.